Have a personal or library account? Click to login
The Stability of Long-Run Money Demand in Western Balkan Countries: An Empirical Panel Investigation Cover

The Stability of Long-Run Money Demand in Western Balkan Countries: An Empirical Panel Investigation

Open Access
|Dec 2016

References

  1. Anusic, Z. 1995. The Determinants of Money Demand in Croatia and Simulation of the Post-Stabilization Period. Croatian Economic Survey 15(2): 85-120.
  2. Arango, S. and Nadiri, I. 1981. Demand for Money in Open Economies. Journal of Monetary Economics 7(1): 69-83.10.1016/0304-3932(81)90052-0
  3. Babic, A. 2000. The monthly Transaction Money Demand in Croatia. Working paper. Croatian National Bank: 1-46.
  4. Bahmani-Oskooee, M. and Shabsigh, G.1996. The Demand for Money in Japan: Evidence from Cointegration Analysis. Japan and the World Economy 8 (1): 1-10.10.1016/0922-1425(95)00002-X
  5. Baltagi, B.H. 2001. Econometric Analysis of Panel Data (second edition). Chichester:John Wiley and Sons.
  6. Baltagi, B. H. 2005. Econometric Analysis of Panel Data (third edition). England: John Wiley and Sons, Ltd.
  7. Banerjee, A. 1999. Panel Data Unit Roots and Cointegration: An Overview. Oxford Bulletin of Economics and Statistics 61 (S1): 607-629.10.1111/1468-0084.0610s1607
  8. Brown, R.L., Durbin, J. and Evans J. M. 1975. Techniques for Testing the Constancy of Regression Relationships over Time. Journal of the Royal Statistical Society: 149–192.10.1111/j.2517-6161.1975.tb01532.x
  9. Bruggeman, A. 2000. The stability of EMU-Wide money demand functions and the monetary policy strategy of the European Central Bank. Manchester School 68(2): 184–202.10.1111/1467-9957.00189
  10. Campbell, J. Y. and Perron, P. 1991. Pitfalls and opportunities: what macroeconomists should know about unit roots. Macroeconomics Annual. National Bureau of Economic Research 6: 141-201.10.1086/654163
  11. Calvo, G. and Rodriguez, C. 1977. A model of exchange rate determination under currency substitution and rational expectation. Journal of Political Economy 85: 617-625.10.1086/260586
  12. Cziraky, D. and Gillman, M. 2006. Money Demand in an EU Accession Country: A VECM Study of Croatia. Bulletin of Economic Research 58 (2): 105-127.10.1111/j.0307-3378.2006.00237.x
  13. Dobnik, F. 2011. Long-run Money Demand in OECD Countries. RUHR Economic Paper 237.10.2139/ssrn.1753661
  14. Dreger, C. Reimers, H.E. and Roffia, B. 2007. Long-Run Money Demand In The New EU Member States With Exchange Rate Effects. Eastern European Economics 45 (2): 75-94.10.2753/EEE0012-8775450204
  15. Dreger, C, D. and Wolters, J. 2009. M3 velocity and asset prices in the euro area, Empirica 36 (1): 51-63.
  16. Ericsson, N. R. 1998. Empirical modelling of money demand. Empirical Economics 23 (3): 295-315.10.1007/BF01294409
  17. Harris, R. and Sollis, R. 2003. Applied time series modelling and forecasting. Chichester: J. Wiley.
  18. Hosein, S. 2007. Demand for money in Iran: An ARDL approach. MPRA Paper No. 8224, University Library of Munich, Germany.
  19. Im, K.S. Pesaran, M.H. and Shin, Y. 2003. Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics 115 (1): 53–74.10.1016/S0304-4076(03)00092-7
  20. Ivanov. M., Petkovski. M. and Naumovska. E., 2015. Money in the Utility Function: Model Simulations and Money Demand Estimation in the Case of the Republic of Macedonia. The South East European Journal of Economics and Business 9 (2): 7-20.10.2478/jeb-2014-0006
  21. Judd, J. P. and Scadding, J. 1982. The Search for a Stable Money Demand Function: A Survey of the Post-1973 Literature. Journal of Economic Literature 20 (3): 993-1023.
  22. Karla, S. 1998. Inflation and Money Demand in Albania. IMF Working Paper, WP 98/101.
  23. Kejriwal, M. and Perron, P. 2008. Data dependent rules for selection of the number of leads and lags in the dynamic OLS cointegrating regression. Econometric Theory 24 (05):1425-41.10.1017/S0266466608080560
  24. Kjosevski, J. 2013. The Determinants and Stability of Money Demand in Republic of Macedonia. Zbornik radova Ekonomskog Fakulteta u Rijeci 31 (1):35-54.
  25. Komárek, L. and Melecký, M. 2001. Demand for Money in the Transition Economy: The Case of the Czech Republic 1993–2001. Warwick Economic Research Papers 614.
  26. Kumar, S. 2010. Panel data estimates of the demand for money in the pacific island countries. EERI Research Paper Series No: 2010-12.
  27. Maddala, G.S. and Wu, S. 1999. A Comparative Study of Unit Root Tests with Panel Data and a new simple test, Oxford Bulletin of Economics and Statistics 61 (S1): 631-652.10.1111/1468-0084.0610s1631
  28. Mankiw, G. N. and Summers L. H. 1986. Money Demand and the Effects of Fiscal Policies. Journal of Money, Credit and Banking 18 (1): 415-429.10.2307/1992462
  29. Maravić, J. and Palić, M. 2005. Analiza tražnje za novcem u Srbiji, Narodna Banka Srbije.
  30. Mehrotra, A. N. 2008. Demand for money in transition: Evidence from China’s disinflation. International Advances in Economic Research 14 (1): 36-47.10.1007/s11294-007-9129-4
  31. Mark, N. C. and Sul, D. 2003. Cointegration vector estimation by panel DOLS and longrun money demand. Oxford Bulletin of Economics and Statistics 65 (5): 655–680.10.1111/j.1468-0084.2003.00066.x
  32. Nautz, D. and Rondorf, U. 2011. The (in)stability of money demand in the Euro Area: Lessons from a cross-country analysis, Emperica 38 (4): 539-553.10.1007/s10663-010-9139-y
  33. Ozturk, I. and Acaravci, A. 2008. The Demand for Money in Transition Economies. Romanian Journal of Economic Forecasting 2: 35-43.
  34. Owoye, O. and Onafowora, O. A. 2007. M2 targeting, money demand, and real GDP growth in Nigeria: do rules apply. Journal of Business and Public Affairs 1 (2):1-20.
  35. Payne, J. E. 2000. Post Stabilization Estimates of Money Demand in Croatia: The role of Exchange Rate and Currency Substitution. Ekonomski pregled 51 (11-12): 1352-1368.
  36. Payne, J. E. 2003. Post stabilization estimates of money demand in Croatia: error correction model using the bounds testing approach. Privredna kretanja i ekonomska politika 12 (93): 39-53.10.1080/0003684032000152871
  37. Pedroni, M. 1995. Equivalence of the Drinfeld-Sokolov reduction to a bi-Hamiltonian reduction. Letters in Mathematical Physics 35 (4): 291-302.10.1007/BF00750836
  38. Pedroni, P. 2000. Fully-Modified OLS for heterogeneous cointegrated Panels, Advances in Econometrics 15: 93-130.10.1016/S0731-9053(00)15004-2
  39. Skrabic, B. P. and Tomic-Plazibat, N. 2009. Evidence of the Long-run Equilibrium between Money Demand Determinants in Croatia. International Journal of Human and Social Sciences 4 (16): 1177-1181.
  40. Sonje, V. 1999. Esej o monetarnim eksperimentima, ili: kako izabrati monetarni rezim u kasnoj fazi tranzicije. Economic Trends and Economic Policy 9 (74): 41-72.
  41. Stock, J. H. and Watson, M.W. 1993. A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica: Journal of the Econometric Society 61: 783-820.10.2307/2951763
  42. Valadkhani, A. 2008. Long- and Short-Run Determinants of the Demand for Money in the Asian-Pacific Countries: An Empirical Panel Investigation. Annals of Economics and Finance 9 (1): 77–90.
  43. Wagner, M. and Hlouskova, J. 2010. The performance of panel cointegration methods: Results from a large scale simulation study. Econometric Reviews 29 (2): 182–223.10.1080/07474930903382182
Language: English
Page range: 61 - 70
Published on: Dec 30, 2016
Published by: University of Sarajevo
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2016 Jordan Kjosevski, Mihail Petkovski, Elena Naumovska, published by University of Sarajevo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.